Summary: Brentwood, Missouri; Letter of Credit Dec 11

Standard & Poors, December 2011

Abstract
Standard & Poor's Ratings Services has assigned its 'A/A-1' rating to Brentwood, Mo.'s variable-rate demand tax increment refunding revenue bonds series 2011A and 2011B and placed the rating on CreditWatch with negative implications, reflecting an irrevocable, direct-pay letter of credit (LOC) provided by Compass Bank (A/Watch Neg/A-1). The Compass Bank LOC will expire on Dec. 21, 2014, unless terminated earlier pursuant to its terms. The LOC is sized at principal plus 35 days' interest, calculated with a maximum rate of 10% annually. The LOC currently provides coverage in the daily and the weekly rate modes. The bonds will initially bear interest in the weekly mode, but can be converted to bear interest at the short-term, long-term, or fixed interest rate...

Companies mentioned in this report are: Brentwood
Action: New Rating

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Brentwood

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